Advice needed - Persimmon Part Exchange - suddenly changed offer

flewky

Hi,

We have recently been offered a part exchange offer on our house of £108,000 by Persimmon Homes. We accepted this and then filled out a reservation form which stated that they would be buying our house for 108,000, signed by us and Persimmon. We also paid a reservation fee. We were happily selecting our extras for our chosen house when we were contacted by Persimmon to say they needed to have another vaulation of our house and that they may have to change their offer (any less would make us unable to but the new house).

I was wondering if anyone had any advice on whether they can actually do this once we've acepted their inital offer and have it in writing?

Thanks in advance.

Horseunderwater

Have you read the contract you signed? Suggest that is the first thing you should do to see what clauses are in there.

flewky

Yes I have read the small print on the reservation agreement, which states "The Company shall not be entitled to withdraw from this agreement or to agree to sell the property to any other buyer prior to the reservation expiry date" which is the 12th November which is when the official legal binding contracts are exchanged.

They just seem so sure that they can withdraw their offer and I wasn't sure whether we are entitled to not accept this?

thelem

Does the agreement they refer to include the purchase of your old house, or is saying they won't pull out of selling you the new house? Unless there are specific terms in the contract that they have signed saying they can't do this, or you've exchanged contracts on both properties, then I don't think you can object.

flewky

No it's not specific so most likely we can't object, guess we will just have to wait and see. Thanks anyway

vbwardy

Flewky
The exact same think has just happned to us after waiting 6 months for the house...with 6 weeks to go they haven't just changed their offer but are saying they will withdraw all px offers if our house doesn't sell soon! Having looked into the legalities we have no leg to stand on! Which regional office are you dealing with?